Hydropulse’s hydrogen plan reaches Heads of Terms
The agreement moves a project forward. Definitive contracts and an investment decision remain the next tests.
The announcement
ITM Power said on 12 October 2026 that Hydropulse had signed Heads of Terms with a European refinery for a 150 MW hydrogen project. It targets an investment decision in 2027 and production in 2029. Both dates are forward-looking.
Read the stage, then the scale
The important distinction for a reader is between a project taking shape and an operating asset. A capacity headline is useful context, but it does not answer whether every commercial, engineering and financing condition has been met. This is our interpretation of the announcement’s stage, rather than an assertion about undisclosed contract terms.
What to follow
The next useful documents would establish which commitments become definitive and how construction is funded. Keep a dated record of changes to scope and timing. An investment decision, equipment delivery, commissioning and customer acceptance provide different evidence; they should not be collapsed into a single idea of completion.
The evidence boundary
This brief attributes the project information to ITM Power. We have not inspected the underlying agreements or independently verified the customer’s project. It makes no claim about near-term earnings, valuation or a share-price response.